TOMS RIVER, N.J., Aug. 2, 2011 /PRNewswire/ -- Shore Community Bank (OTC Bulletin Board: SHRC) (the "Bank") today reported net income of $204,810 or $0.12 per basic and diluted share for the quarter ended June 30, 2011, compared to net income of $208,032, or $0.12 per basic and diluted share for the quarter ended June 30, 2010, representing a decline of 1.5 percent in net income.
For the six months ended June 30, 2011, the Bank reported net income of $321,506 or $0.19 per basic and diluted share, compared to net income of $290,317 or $0.17 per basic and diluted share for the six months ended June 30, 2010, an increase of 10.7 percent in net income.
Total assets at June 30, 2011 were $207.4 million compared to $207.9 million at December 31, 2010. Total loans at June 30, 2011 stood at $117.1 million compared to $117.9 million at December 31, 2010. Total deposits decreased $900 thousand to $169.6 million at June 30, 2011 compared to $170.5 million at December 31, 2010.
Total non-performing loans totaled $7.0 million at June 30, 2011, a $1.2 million decrease from $8.2 million at December 31, 2010. Non-performing assets, which includes non-performing loans and other real estate owned, totaled $9.0 million at June 30, 2011, compared to $9.2 million at December 31, 2010. Total non-performing loans at June 30, 2011, as a percentage of total loans were 5.99 percent down from 6.91 percent at December 31, 2010. Total non-performing assets at June 30, 2011, as a percentage of total assets were 4.36 percent, down from 4.44 percent at December 31, 2010.
The provision for loan losses totaled $150 thousand for the three months ended June 30, 2011, compared to $375 thousand for the same period in 2010 and $225 thousand in the first quarter of 2011. Net loan charge-offs totaled $251 thousand in the second quarter compared to $214 thousand in the same period in 2010 and $227 thousand in the first quarter of 2011.
The allowance for loan losses as a percentage of period end loans was 2.04 percent at June 30, 2011, compared to 2.12 percent at December 31, 2010 and 1.77 percent at June 30, 2010. The Bank remains well capitalized with Tier 1 leverage and Tier 1 risk based capital ratios of 9.3 percent and 15.4 percent, respectively. Total risk-based capital ratio at June 30, 2011 was 16.7 percent.
Robert T. English, President & Chief Executive Officer stated, "We are pleased to report 2011 year-to-date earnings have increased 11 percent over 2010 in what remains a very difficult operating environment. Loan demand, from creditworthy borrowers, remains weak and what has been a sluggish but slowly improving economy seems to have stalled in the second quarter." Mr. English further stated, "In the second quarter one significant non-performing loan was moved to OREO and in the remaining months of this year we are anticipating three or four additional non-performing loans to move to OREO as well. Our goal is to market these properties and dispose of them quickly but in a prudent manner."
Book value per share at June 30, 2011 was $11.82, compared to $11.45 at December 31, 2010 based on 1.7 million shares outstanding in each period.
Shore Community Bank is traded on the OTCBB (Over the Counter Bulletin Board) under the symbol "SHRC."
Shore Community Bank operates six banking offices located in Toms River, Ortley Beach, Jackson and Manahawkin, New Jersey. The Bank was founded in 1997 by a group of local business leaders with the objective of returning community based banking to the Toms River, Ocean County, New Jersey area.
Information in this release relating to Shore Community Bank's future prospects which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as "expects," "believe," "will," "intends," "will be," or "would." Shore Community Bank assumes no obligation to update the forward looking information in this announcement, except as required under applicable law.
SOURCE Shore Community Bank